For the second consecutive week in the week ending January 28, there was a sell-off in the market. The market remained under selling pressure with heavy volatility amid continuing FII sell-off, weak global cues, tightening monetary policy by the US Fed and rising geopolitical tensions in Eastern Europe.
Last week, the Sensex closed at 57,200.23, down 1,836.95 points, or 3.11 per cent. On the other hand, Nifty closed at the level of 17,101.95, down 515.2 points or 2.92 percent.
Last week, the BSE Smallcap index closed down 3.4 per cent. More than 40 stocks included in BSE Midcap were such that they lost 10-23 per cent. These include the names of Lux Industries, Indiamart Intermesh, Tata Teleservices (Maharashtra), Vikas Lifecare, Urja Global, Mahindra Logistics, Kriti Industries (India) and APL Apollo Tubes. On the other hand, stocks like Sharda Cropchem, Orient Bell, PSP Projects, Khaitan Chemicals and Fertilizers, HT Media, Gujarat Ambuja Exports, Gujarat Mineral Development Corporation, MMTC and TV18 Broadcast have gained 11-58 per cent.
Last week, the BSE Midcap index lost 3 per cent on a weekly basis. Torrent Pharmaceuticals, Jubilant Foodworks, The Ramco Cements, Vodafone Idea, Godrej Properties, PI Industries and P&G Hygiene and Health Care fell 8-15 per cent. On the other hand, Canara Bank, LIC Housing Finance, Union Bank of India, Federal Bank and Bank of India saw an increase of 5-10 per cent.
The BSE Largecap index too had plunged 2.8 per cent. Tech Mahindra, Interglobe Aviation, Wipro, Titan Company, Pidilite Industries and Havells India were the top losers in the largecap index. However, the gainers included Bank Of Baroda, Cipla, Bandhan Bank, Axis Bank and IndusInd Bank were the top gainers.
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Reliance Industries’ market cap was the biggest fall in the BSE Sensex. It was followed by Tata Consultancy Services, Infosys and HDFC Bank. On the other hand, State Bank of India, Axis Bank and Bharti Airtel saw the biggest increase in the market value.
If we look at different sectors, Nifty IT was down 6 per cent last week. On the other hand, Nifty Realty was down 5 per cent and Nifty Metal index was down 4.4 per cent, while on the other hand Nifty PSU index gained 7 per cent.
FII selling continued in the Indian equity market last week as well. Last week, FIIs sold Rs 22,158.15 crore while DII bought Rs 10,849.40 crore. However, so far in the month of January, FIIs have sold Rs 37,721.87 crore. On the other hand, DII has made purchases of Rs 18,279.75 crore.
If we look at the currency market, on a weekly basis, the rupee has fallen by 62 paise to close at 75.04 against the dollar last week, while it closed at 74.42 on January 21.
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